Managing Director and Chairman of Mantri Group- Sunil Mantri

Recently, the Bombay High Court asked Mantri to not to sell any property till next court orders and after this the Bombay High Court also appointed an official liquidator with an aim to took the possession on the properties of Mantri Group.

After coming in news or controversy; Sunil Mantri, the Managing Director and Chairman of Mantri Group resigned from the position of NAREDCO chairman. NAREDCO is an umbrella body of real estate developers.

When media tried to contact Mantri, so he confirmed that reports, but refused to provide any additional details. However; earlier it was report that Mantri has defaulted on sum of over Rs300 crore and after that all investors or creditors had appealed in the Bombay High Court with an aim to get the pending dues with an interest rate of 25 to 36 percent. According to reports, till now more than 60 investors and creditors had filed the cases against Mantri by stating that he has cheated on them as well as buyers and borrowers. According to reports now he will not be able to dispose any of his fixed assets which belongs from the company without court’s order.

However; a real estate developer from South Mumbai stated that in present property market is down and due to that developers are not able to pay back the loans and interests. Most of the real estate developers are launching the projects and with booking amount they are buying other properties. But if any plot comes under the under litigation, so it becomes very difficult to come out from that mess.

Mantri Group

The unsecured creditors of Mantri Realty, a property developer have demanded that company should pay back their loan with interest rate in single transaction, however; the amount is about Rs.300 crore, as per the people who are working with Mantri Realty. According to resources, the payment was defaulted for two years and due to that company reached out to the lenders with an aim to settle the case outside of Bombay High Court. Apart from that Bombay High Court has also appointed the official in an order to liquidate the assets of company.

Sunil Mantri, the MD and Chairman of Mantri Realty, has approached the investors and he is looking for the possibilities to settle the dues with certain negotiations and payments in some installments, but still clients are insisting the company to do one stroke payment. However; people are still waiting for terms and conditions on repayment¸ as per the statement of Anil Agarwal, a lawyer representing case of 10 of the 35nsecured lenders who moved the Bombay High Court against the Mantri Realty. Till now Sunil Mantri hasn’t respond to the calls and email of media, who want to hear the MD of Group, but in response of the text message he sent the number of lawyers of Group who are legally handling the case from the side of developer.

According to recent news, the court ordered Sunil Mantri to deposit his passport and official liquidator has taken possession at the company’s registered office which is located at the Marine Lines in Mumbai. As per sources, there are about 30-40 cases which are against Mantri Group and they are interrelated, however; they are under the section 138 of Negotiable Instruments Act, 1888. Directors; Pankaj Arekar, Deepankar Salvi and Ranjit Ranehave been asked not the leave country without written permission of court. In Year 2012 to 2013, the Mantri Realty had borrowed Rs.300 crore at 24 to 36 percent annual interest rate from private financiers.

In January 2014, the company stopped paying interest as well as principal amount and soon after that all the financiers moved to the Bombay High Court. Mantri Realty has residential projects in all the seven major cities and buyers are worried after the appointment of the official liquidator, whereas; as per the legal experts, there are chances that home buyers could face the problem if their agreements are yet to be registered and court will order to wind up the company. The next hearing of the case is scheduled on January 25.